Forget jobs, the technicals say buy

Jobs Friday is just a day away, but data from ADP has given the markets an idea about what to expect.

According to ADP, 191,000 private sector jobs were added in March, just a couple of thousand above what Wall Street expected. That may give a sense of what the Bureau of Labor Statistics will report on Friday. The unemployment rate is expected to edge down slightly to 6.6 percent while 195,000 nonfarm payroll additions are anticipated.

Judging by what the market has been doing this week, it may be thinking this as good news. The Dow Jones Industrial Average closed near its Dec. 31, 2013, record high on Wednesday. On Thursday morning, it hit a new high. The market benchmark S&P 500 index closed at a record 1,890.90 on Wednesday and also rose Thursday.

According to Steven Pytlar, chief equity strategist at Prime Executions, there will be more to come.

"What we see in the S&P 500 is a really nice uptrend," says Pytlar, who sees an uptrend line in the S&P 500's one-year chart. "Every time the S&P falls back to this uptrend line, it finds support there and bounces. This is descriptive of a bull market."

Though other indexes like the Nasdaq Composite and the Russell 2000 aren't at record highs, Pytlar doesn't see that as a cause for alarm.

"There has been a lot of concern in the Nasdaq and the Russell 2000, which are more growth-oriented indexes," said Pytlar. "Generally, when you see value indexes—the Dow and the S&P—outperform, it can be a signal of building weakness. But we don't think that's the case. It's only negative when value is declining and outperforming at the same time."

CNBC contributor Gina Sanchez, founder of Chantico Global, thinks that although market valuations may be a bit high at the moment, it may not be a good idea to go against the markets' positivity.

"I think the valuation right now for the S&P is actually high," she said. "I think Q1 earnings might put some pressure on where they are now."

Though the market is celebrating new highs, Sanchez isn't ready to pop open the champagne bottle just yet.

"I think we're definitely too optimistic," she said. "But, the markets have a bullish sentiment and sometimes, that's hard to fight. So, this is a cautious time for me right now."